An Irrevocable Trust is a legal document which cannot be amended or “revoked” once created. The Irrevocable Trust offers tax advantages that revocable trusts do not. Irrevocable Trusts are often used to protect life insurance policy proceeds so they are not taxed under an estate tax. Irrevocable Trusts are also used to make tax efficient gifts for the future benefits of one’s heirs – such as a Grantor Retained Annuity Trust or a Charitable Remainder Trust.
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